Altcoins News
By MikeT
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Solana is back in the spotlight this week after 2.8 million SOL tokens — worth hundreds of millions of dollars — were transferred to Binance.
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As the broader crypto market attempts a recovery, investor appetite for risk is slowly returning.
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The transfer of 2.8 million SOL tokens to Binance raised eyebrows among traders and analysts.
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This influx of tokens has added a fresh layer of sell-side liquidity to the market. But instead of triggering an immediate sell-off, Solana has shown resilience.
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Despite Solana’s strong performance in May — closing the month with nearly 7% gains — recent price action has turned cautious.
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According to Glassnode data, Solana’s “hodler net position change” — a metric that tracks the behavior of long-term holders — turned negative for the first time in five months.
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Such behavior mirrors patterns seen during earlier capitulation cycles, particularly the one witnessed between February and March.
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Funding Rates, Liquidations Paint a Bearish Picture
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In the derivatives market, bears have found plenty of reasons to stay active. Solana’s funding rates — which reflect trader sentiment — have been negative on most exchanges for…
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Additionally, since May 27, over $9.5 million in long positions have been liquidated, revealing how quickly bullish bets have unraveled in the face of heightened volatility.
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But Not All Is Bearish — On-Chain Activity Suggests Accumulation
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Despite the sell pressure and caution in the market, some signals point to quiet accumulation.
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This withdrawal trend reflects growing confidence among some investors that Solana’s recent dip may be temporary. If buying pressure continues to build, this 2.
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The market is currently at a crossroads. On one hand, rising sell-side liquidity gives short-sellers fuel.
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If Solana bulls can maintain their buying momentum and shrug off the sell pressure, the token could bounce off the current liquidity wall and rally back toward $160 — or even…
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